Prime Minister Ehud Olmert today welcomed the decision by international credit rating firm Standard & Poor's to raise Israel's credit rating as a highly significant expression of confidence in the Israeli economy and in the Government's economic policy.  He thanked all those who took part in the effort to present the Israeli economy and its achievements in recent years to Standard & Poor's, including Finance Minister Ronnie Bar-On, Bank of Israel Governor Prof. Stanley Fischer and National Economic Council Director Prof. Manuel Trajtenberg.

Prof. Trajtenberg, who met with Standard & Poor's' representatives during their recent visit to Israel, said that the decision would greatly contribute to the progress of the Israeli economy and would allow the Government to channel greater sections of the state budget towards implementing its priorities.  He added that raising Israel's credit rating highlights the importance of the Government's maintaining fiscal confidence and underscores the Government's need to set clear guidelines for reducing the public debt.